- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis

Core Points - Aion brand's first range-extended and pure electric dual-power model, i60, has officially started pre-sales with prices starting at 126,800 yuan for the range-extended version and 119,800 yuan for the pure electric version [1] - During the pre-sale period, customers can secure their order for only 99 yuan and receive benefits worth 6,660 yuan, including a free upgrade to an 11-speaker ADiGO Sound system valued at 3,800 yuan, maintenance services worth 2,600 yuan, and a customized headrest valued at 260 yuan [1] Group 1: User-Centric Innovation - Since its establishment in 2017, GAC Aion has focused on user needs as the core of its innovation, developing EV and ICV technologies to create high-quality models, earning the trust of over 1.8 million users in eight years [2] - The Aion i60 is positioned as a "national good car," integrating GAC's self-developed technologies including the Star Source range extender, GSD intelligent driving assistance, and the Cartridge Battery 2.0, aiming to meet the needs for range extension, battery safety, and intelligent driving assistance [2][15] Group 2: Design and Aesthetics - The Aion i60 features a design that appeals to a broad user aesthetic, characterized by a sturdy and stable appearance, with a length of nearly 4.7 meters and a wheelbase of 2,775 mm, resembling a B-class SUV [4] - The vehicle's exterior design includes a prominent "door-shaped front face" and a side profile that adheres to the golden ratio, enhancing its elegance and visual appeal [6] - Available in six colors, the Aion i60 aims to create a relaxed and pleasant living experience through its aesthetic choices [8] Group 3: Advanced Technology and Safety - The Aion i60 boasts industry-leading performance in range extension technology, with an oil-electric conversion rate of 3.73 kWh/L and a fuel consumption of 5.5 L/100 km when the battery is depleted [15] - The vehicle features a 29.165 kWh battery, offering a pure electric range of 210 km and a total range of 1,240 km, with rapid charging capabilities that allow charging from 30% to 80% in just 15 minutes [15] - Safety is prioritized with a robust battery protection system and high-strength body materials, ensuring comprehensive battery safety and compliance with stringent safety standards [20][21] Group 4: Intelligent Driving Assistance - The GSD intelligent driving assistance system in the Aion i60 has undergone extensive testing, achieving a low false trigger rate and covering a wide range of driving scenarios [23] - The system supports over 300 parking scenarios and is equipped with advanced hardware and algorithms, positioning it as a leader in the intelligent driving assistance market [23] Group 5: Market Positioning - The Aion i60 is set to redefine the market for range-extended SUVs priced below 150,000 yuan, offering high value at a competitive price point [25]

| 宇通系列报告回顾 车中旭霞 | | --- | | 公司深度报告： | | 《深度系列四： 宇通客车（600066.SH）： 当前节点核心投资价值分析》-20230512 | | 《深度系列三：宇通客车（600066.SH）：周期与成长共振》-20210811 | | 《深度系列二： 宇通客车（600066.SH）： 复盘与展望： 数字化变革下宇通客车新机遇》-20210105 | | 《深度系列一：宇通客车（600066.SH）：国内行业聚拢，海外战略扩张下的全球大中客龙头》-20170609 | | 公司点评报告： | | 《宇通客车（600066.SH）-盈利能力稳中有增，二季度净利润同比增长16%》 ——2025-08-27 | | 《宇通客车（600066.SH）-盈利能力稳健，一季度净利润同比增长15%》 ——2025-04-28 | | 《宇通客车（600066.SH）-海内外共振，净利润和现金流创历史新高》 ——2025-04-02 | | 《宇通客车（600066.SH）-盈利能力稳健，中期分红回报股东》 ——2024-10-29 | | 《宇通客车（600066.SH）-现金流表现优异 ...

Core Viewpoint - The launch of the new Alpha T5 by Jihu marks a significant advancement in the mid-size SUV market, featuring both pure electric and range-extended powertrains, with a price range of 10.98 million to 15.48 million yuan [1] Group 1: Product Features - The Alpha T5 is the first model equipped with the Yuanjing intelligent driving assistance system, enhancing its safety and driving capabilities [1] - It incorporates a "bionic dual-eye" visual architecture that simulates human stereoscopic vision, allowing for effective obstacle detection and avoidance without relying on pre-existing databases [3] - The vehicle is powered by the Snapdragon 8775 automotive-grade chip, providing 144 Tops of computing power and enabling integrated cabin and driving domain functionalities [5] Group 2: Performance Metrics - The Alpha T5 achieves a 0-100 km/h acceleration time of 6.5 seconds when fully charged and 6.8 seconds when the battery is depleted [8] - The WLTC fuel consumption is recorded at 5.18 liters per 100 km, with an electric consumption of 16.5 kWh per 100 km, and a comprehensive range of 1215 km under CLTC conditions [8] Group 3: Design and Comfort - The vehicle features a streamlined design with a drag coefficient reduced to 0.243 Cd, and an increase in length by 70 mm, resulting in a wheelbase of 2845 mm [10] - The rear trunk capacity expands to 1546 liters when the second-row seats are folded down, enhancing storage options [10] - New color options include Vana Blue and Lava Gray for the exterior, and Chihuo Brown for the interior, adding to the vehicle's aesthetic appeal [10] Group 4: Battery and Charging Technology - The vehicle utilizes the "Beijing Automotive Shenqing" range-extended power system with Atkinson cycle technology, achieving a thermal efficiency of 43% [7] - The custom-made CATL battery maintains a discharge power of 140 kW even when the state of charge (SOC) drops to 9%, with a total output power of 200 kW from the battery and range extender [7] - The pure electric version boasts a maximum range of 705 km, with fast charging capabilities allowing 30%-80% charge in under 9 minutes, and over 500 km of range added in just 15 minutes [10]

1月1日，起亚全球高品质SUV——2026款起亚奕跑焕新上市，新车新增了天霜蓝外观配色和灰色内饰配 色，共推出2款车型，其中1.4L IVT天窗款双11增换购补贴价仅64800元。 2026款起亚奕跑深谙年轻人的审美心理，它规避了传统SUV的笨重感，而是以俏皮灵动的外观造型，搭 配回旋镖式LED日行灯、镜面花型轮毂等极具辨识度的设计。新车新增了天霜蓝外观配色，提供透明 白、天霜蓝、胭脂红3种活力配色方案与黑色/皓月白、黑色/律动黄、黑色/天霜蓝3种时尚的双色车身。 在内饰方面，2026款起亚奕跑新增了灰色内饰配色，提供灰色、黑色、黄黑、橙黑四种配色，为年轻用 户带来更丰富与个性化的选择。合理的空间布局加上2570mm的轴距，让前后排的乘坐体验足够宽敞， 加上皮质座椅、可6向调节 的驾驶席座椅以及可调节高度的后排头枕，就算是开长途久坐也不累。 尽管作为入门级SUV，但2026款起亚奕跑依然配备了一键启动&智能钥匙功能，搭载了集成 Carplay&Carlife、蓝牙、倒车影像等功能的8英寸多媒体娱乐系统，提供更便利的出行体验。 2026款起亚奕跑车身小巧，车长4,100mm、车宽1,735mm， 乡村小路、窄巷 ...

Core Viewpoint - Jiangling Motors (000550.SZ) reported a total sales volume of 33,246 vehicles in October, representing a year-on-year increase of 8.06% [1] Summary by Category Production and Sales - The total sales volume for October reached 33,246 vehicles [1] - This figure indicates a year-on-year growth of 8.06% [1]

近日，安徽江淮汽车集团股份有限公司连续发布公告披露关键人事动态，先后完成第九届董 事会独立董事和非独立董事候选人的提名，以及职工董事选举，拉开董事会换届大幕。 选举第九届董事会职工董事 11月3日晚，江淮汽车发布关于选举第九届董事会职工董事的公告。公告显示， 江淮汽车第 八届董事会任期届满，根据《公司法》《公司章程》等相关规定， 经公司职工代表大会选举， 盛保柱当选安徽江淮汽车集团股份有限公司第九届董事会职工董事。本次选举产生的职工董 事将与公司股东会选举产生的董事共同组成公司第九届董事会，任期三年。 个人简历 盛保柱： 男，1975年6月生，中共党员，专科学历，现为安徽江淮汽车集团股份有限公司 商用车制造事业部冲焊厂钳工特级技师。先后获得国务院津贴、安徽省技能大奖、全国五一 劳动奖章、江淮杰出工匠、第五届《汽车风云盛典》风云汽车工匠、全国劳动模范等荣誉称 号。 选举公司第九届董事会独立董事 10月31日， 江淮汽车发布八届三十次董事会决议公告，公告显示，八届三十次董事会会议 通知于2025年10月25日送达。本次董事会会议于2025年10月30日以通讯方式召开。会议 审议通过《关于选举公司第九届董事会独立董 ...

Group 1 - China Mobile's controlling shareholder, China Mobile Group, plans to transfer 41.98 million shares (0.19% of total shares) to China National Petroleum Corporation [1] - Strong瑞 Technology intends to invest 70 million yuan to acquire 35% equity in aluminum cooling technology company, which supplies components for NVIDIA AI servers [2] - Pingtan Development's stock price has increased over 100% in the last eight trading days, indicating significant abnormal trading behavior [3] Group 2 - Hezhong China warns of irrational speculation risk as its stock price has surged 61.23% over five consecutive trading days, significantly deviating from its fundamentals [4] - TCL Technology's participation in the restructuring plan of Suning Group has not been approved by creditors, leading to uncertainties in the restructuring process [5] - Huitian New Materials has signed a strategic cooperation agreement with Taiblue New Energy to collaborate in solid-state batteries and key materials [6] Group 3 - Han Jian He Shan has signed a procurement contract worth 207 million yuan with China Nuclear Industry Huaxing Construction, accounting for 26.29% of its audited revenue for 2024 [7] - Actual controller of Baihehua, Chen Lirong, mistakenly reduced his holdings by 160,000 shares but has since repurchased the same amount [8][9] - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a combination of share issuance and cash payment, leading to a stock suspension [10] Group 4 - Shenghui Integration's shareholder, Suzhou Shengzhan, has terminated its plan to reduce holdings of up to 620,000 shares, having already reduced 565,500 shares [11] - North Bay Port reported a 22.73% year-on-year increase in cargo throughput in October [12] - Jiangling Motors experienced an 8.06% year-on-year increase in automobile sales in October [12]

Core Insights - Jiangling Motors reported a total vehicle production of 33,669 units in October, representing a year-on-year increase of 5.81% [3] - The total sales for October reached 33,246 units, showing an 8.06% year-on-year growth [3] - Cumulative production for the year reached 296,814 units, up 7.64% compared to the previous year [3] - Cumulative sales for the year amounted to 294,203 units, reflecting a 7.77% increase year-on-year [3] Product Breakdown - **Light-duty Passenger Cars**: October production was 9,356 units, a 2.7% increase year-on-year; sales were 9,003 units, up 6.44% [1] - **Trucks**: October production reached 7,073 units, a 13.13% increase year-on-year; sales were 7,062 units, showing a 30.42% growth [2] - **Pickups**: October production fell to 3,773 units, down 45.14% year-on-year; sales were 3,980 units, a decline of 41.38% [2] - **SUVs**: October production was 13,467 units, a significant increase of 40.59% year-on-year; sales reached 13,201 units, up 30.65% [2]

Core Insights - The company reported a total vehicle sales of 56,617 units in October, a slight increase from 56,053 units in the same month last year, resulting in a year-to-date total of 536,678 units, which is a 9.8% increase compared to 488,774 units last year [3] - The production for October was 56,672 units, up from 53,229 units year-on-year, with a cumulative production of 539,990 units, reflecting a 10.1% increase from 490,440 units last year [3] Commercial Vehicle Performance - Heavy-duty trucks (including Foton Daimler) sold 14,276 units in October, showing significant year-on-year growth, with a cumulative total of 125,754 units for the year, marking a 52.95% increase [1] - Light-duty trucks recorded sales of 38,089 units in October, with a year-to-date total of 366,960 units, reflecting a modest growth of 1.43% [4] - The sales of large buses were 167 units in October, with a cumulative total of 2,169 units, indicating a decline of 29.6% year-on-year [4] - Medium buses saw sales of 395 units in October, with a cumulative total of 2,489 units, representing a significant year-on-year increase of 84.37% [4] - Light passenger vehicles sold 3,190 units in October, with a cumulative total of 33,441 units, showing a decline of 12.2% [4] Passenger Vehicle Performance - The company sold 500 passenger vehicles in October, with a year-to-date total of 5,865 units, reflecting a substantial year-on-year increase of 160.67% [2] New Energy Vehicle Performance - New energy vehicles sold 8,006 units in October, with a cumulative total of 82,339 units for the year, marking a significant year-on-year growth of 98.83% [2] - The production of new energy vehicles in October was 8,386 units, with a cumulative production of 85,719 units, reflecting a year-on-year increase of 99.25% [2] Engine Product Performance - Engine products (including Foton Cummins) sold 22,819 units in October, with a cumulative total of 218,402 units for the year, showing a modest year-on-year growth of 1.24% [2] - The production of engine products in October was 25,204 units, with a cumulative production of 235,559 units, reflecting an 8.81% year-on-year increase [2] Foton Daimler and Foton Cummins Performance - Foton Daimler heavy-duty trucks sold 10,809 units in October, with a cumulative total of 85,774 units for the year, indicating a year-on-year growth of 79.67% [2] - Foton Cummins engines sold 15,659 units in October, with a cumulative total of 149,603 units for the year, reflecting a year-on-year increase of 15.24% [2]